1.2% of total supply, sure. But I think crypto hoarding is even more prevelant than precious metal hoarding. Lots of people are HODLing. So it's probably a decent chunk of circulating supply. The Hunt brothers had to essentially snap up every dime and quarter in circulation. Getting 66% of XMR seems like it would be an easier undertaking, if you could coax some coins out of cold storage. The market would be easier to manipulate the more you got

They are probably not going to cash out everything from one address all at once, but from multiple different wallets over a longer period of time. If they don't do something blatantly stupid I don't see how they should get caught trying to convert it to cash. But I'm curious nonetheless, of course.^^

It also depends on the number of bills they put into the ATMs. I highly doubt that it’s in the order of millions. You could certainly keep cashing out smaller amounts and live from that, but I’m not sure how you would convert all of that money back to fiat. And given the volatility of cryptocurrencies, you might lose a lot of money if you keep hodling that much.

They are probably not going to cash out everything from one address all at once, but from multiple different wallets over a longer period of time. If they don't do something blatantly stupid I don't see how they should get caught trying to convert it to cash. But I'm curious nonetheless, of course.^^

my assumption would be that a career criminal pulling off this sort of operation would have some infrastructure in place to launder crypto.